By Nathalie Tadena
Zoetis Inc. (ZTS) will join the S&P 500 index, after Pfizer
Inc. (PFE) splits off its remaining 80% stake in the
animal-medicine company, and will replace First Horizion National
Corp. (FHN), S&P Dow Jones Indices said.
Zoetis's shares rose 2.1% to $31.45 after hours. The shares of
companies joining the S&P 500 often rise because many portfolio
managers try to track the index. To do that, they must buy shares
of the companies that become part of the index.
First Horizon, the parent of First Tennessee Bank, has a total
market capitalization that is more representative of the mid-cap
market space and will replace QLogic Corp. (QLGC), a supplier of
switches, controllers and other networking products, in the S&P
MidCap 400 index. In turn, QLogic will replace women's apparel
retailer Coldwater Creek Inc. (CWTR) in the S&P SmallCap 600
index. These charges will take effect after the close of trading on
June 21.
-Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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